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China Pledges Stronger Policy Support for Economy, Markets

  • State Council statement didn’t give signal of a RRR cut
  • Economists expect more targeted support going forward
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China Cabinet Vows Stronger Monetary Policy Support for Economy
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China’s government said it will step up policy support for the economy and capital market, reiterating earlier vows to shore up battered investor confidence in the face of weaker growth, a slump in property and regulatory crackdowns on technology businesses.

In a meeting of the State Council chaired by Premier Li Keqiang, the cabinet called for the adoption of monetary policy tools to sustain credit expansion at a stable pace, according to a Xinhua news agency report posted on the central government’s website Monday night. The authorities also promised to maintain policies that can support the economy, and avoid measures that can hurt sentiment in the capital market.